IFISAcava
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Post by IFISAcava on Sept 18, 2019 22:23:20 GMT
but if none of the others pay back then will this just go to the administrator to cover fees? Presumably they have to get their money from somewhere. Its a model 2 loan, ie not an asset of Lendy, admin have no claim on it other than the serviceing fee which is set at 3%. So where DO they get their fees from?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 18, 2019 22:32:55 GMT
Its a model 2 loan, ie not an asset of Lendy, admin have no claim on it other than the serviceing fee which is set at 3%. So where DO they get their fees from? Realisation from Lendy's assets. If you read the admin report there is a fair chunk in the bank (£900k), model 1 loan recoveries plus the income from managing the loan book ie the 3% fees, plus any other assets that RSM can 'repatriate' if they were alienated improperly. Also possibly the balance of the PF once charge has been settled. The SOA gives assets of £12m, obviously unlikely that sum would be realised.
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sl75
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Post by sl75 on Sept 20, 2019 12:15:48 GMT
Pleased to advise that this loan has refinanced. A glass of champagne tonight sussexlender ? Why have RSM not posted an update to say so on the loan page itself then?
They have all the tools available to share such important updates with all investors, but instead they have a private conversation with you to pass on as you see fit?!
Appreciate having the information, but wish the "correct channels" for it would get a bit unblocked...
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Monetus
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Post by Monetus on Sept 20, 2019 12:56:22 GMT
Pleased to advise that this loan has refinanced. A glass of champagne tonight sussexlender ? Why have RSM not posted an update to say so on the loan page itself then?
They have all the tools available to share such important updates with all investors, but instead they have a private conversation with you to pass on as you see fit?!
Appreciate having the information, but wish the "correct channels" for it would get a bit unblocked...
The private conversation is called a Creditors Committee meeting yes. The “correct channels” are the Lendy monthly loan updates. Happy to stay quiet and let you wait for those in future sl75 should you prefer. The fact this loan had refinanced was also public knowledge if you knew where to look so not even confidential.
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Monetus
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Post by Monetus on Sept 20, 2019 12:56:48 GMT
Pleased to advise that this loan has refinanced. A glass of champagne tonight sussexlender ? Why have RSM not posted an update to say so on the loan page itself then?
They have all the tools available to share such important updates with all investors, but instead they have a private conversation with you to pass on as you see fit?!
Appreciate having the information, but wish the "correct channels" for it would get a bit unblocked...
The private conversation is called a Creditors Committee meeting yes which I was elected to and have every right to be at as per insolvency law. The “correct channels” are the Lendy monthly loan updates. Happy to stay quiet and let you wait for those in future sl75 should you prefer to only hear from RSM directly. The amount of information normally provided to general creditors in an insolvency is usually limited to updates every 6 months from the administrators themselves so we are actually quite privileged in many aspects that there are more open lines of communication and more information being shared. The fact this loan had refinanced was also public knowledge if you knew where to look so not even confidential.
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sl75
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Post by sl75 on Sept 20, 2019 13:38:27 GMT
The “correct channels” are the Lendy monthly loan updates. Happy to stay quiet and let you wait for those in future sl75 should you prefer to only hear from RSM directly. Before RSM took over, Lendy were able (and indeed did) provide ad-hoc updates when important developments occurred in specific loans. Are you saying that RSM no longer have this ability that Lendy had and are now restricted to only monthly updates across the entire loan book?
The other channel that Lendy used to let us know about refinances was to actually credit the money to our accounts - something that RSM have singularly failed to do (not even a single penny since they took over several months ago).
Certainly if "Lendy"/RSM are failing in their duty to report significant developments to all affected parties, I'd expect members of the creditors committee to pass on relevant non-confidential info, but definitely would prefer to have the right info in a timely manner from the entity who is supposed to be acting as my agent in the matter.
Edit: In this case I understand my role not as a "general creditor", but as a customer for whom RSM has taken over the rights and responsibilities as my agent. The "general creditor" part will come later. Taking a hypothetical but parallel example - if a letting agent went bust, and my tenant was still paying rent, the amount of rent owed to me would not be as a "general creditor" of the letting agent - it's my money to which the agent has no rights over and above their legitimate fees for their services.
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garfield
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Post by garfield on Sept 20, 2019 13:44:41 GMT
The other channel that Lendy used to let us know about refinances was to actually credit the money to our accounts - something that RSM have singularly failed to do (not even a single penny since they took over several months ago). Once RSM have completed the AML checks (I believe this may be just about done now) and done some accounting, our Lendy accounts will be credited with any repayments due. Not long to wait now. Blame Lendy for not doing the AML checks properly in the first place!!
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quidco
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Post by quidco on Sept 20, 2019 14:13:58 GMT
The other channel that Lendy used to let us know about refinances was to actually credit the money to our accounts - something that RSM have singularly failed to do (not even a single penny since they took over several months ago). Once RSM have completed the AML checks (I believe this may be just about done now) and done some accounting, our Lendy accounts will be credited with any repayments due. Not long to wait now. Blame Lendy for not doing the AML checks properly in the first place!! Personally I don't buy that these AML checks needed to be done. The FCA approved Lendy's end to end processes.
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Post by bracknellboy on Sept 20, 2019 14:20:41 GMT
The “correct channels” are the Lendy monthly loan updates. Happy to stay quiet and let you wait for those in future sl75 should you prefer to only hear from RSM directly. Before RSM took over... sl75 : you seem to be treating Monetus (and others?) as if they are somehow mouthpieces for RSM, and is if they should be justifying what RSM do or don't do. There appears to be a level of animosity and indeed implications of bad faith if not downright unethical behaviour directed at a group of people who are endeavouring to ensure that lenders interests are served and have organised accordingly. I really don't get it.
RSM are administrators are they not ? Presumably they are under no obligation to operate the platform and particularly communications in identical fashion to Lendy. Furthermore, perhaps they think that the costs of administration can be restricted by e.g. not posting regular updates to the site, or sending our by loan updates, and perhaps even as a side effect can reduce supporting infrastructure/hosting costs if they don't have to cater for hordes of people regularly logging in on the off chance there is an update on something.
What is so wrong with monthly updates, which the administrators are indeed sending out ?
The other channel that Lendy used to let us know about refinances was to actually credit the money to our accounts - something that RSM have singularly failed to do (not even a single penny since they took over several months ago).
You know they are carrying out AML checks as they have asked lenders to verify their details. Given you know that, why use the consequent lack of funds distribution as an opportunity to have a go at RSM ?
But are they "failing", or just not reported it yet, in line with their advertised update cycle.
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sl75
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Post by sl75 on Sept 20, 2019 15:34:50 GMT
sl75 : you seem to be treating Monetus (and others?) as if they are somehow mouthpieces for RSM, and is if they should be justifying what RSM do or don't do. I really don't get why you are doing that. There appears to be a level of animosity and indeed implications of bad faith if not downright unethical behaviour directed at a group of people who are endeavouring to ensure that lenders interests are served and have organised accordingly. I really don't get why you are doing that. On the contrary, my understanding is that @monetus as a member of the creditors committee with a direct line of communication to RSM is expected to act as a mouthpiece for Lenders (including me) who are frustrated at these unending delays and general lack of communication and information. The fact that important information about an investment that Lendy (in administration) are supposed to be managing for me has come through a public forum rather than directly from my agent seems symptomatic of a much bigger problem regarding timely flow of relevant information.
As I understand it, they're performing electronic checks via Experian (who I understand routinely perform similar checks as one of their main lines of business and can do so quickly and efficiently), and using details that in most cases RSM had available to them on day 1 of the administration.
At several points during the last few months, I've been having to re-arrange finances to plug the gap left by the Lendy money not being credited as expected. I understand that RSM are holding on to a 8-figure sum of client money in total, and they seem to have no sense of urgency about distributing this to its rightful owners.
I just hope that the person who reportedly put the money required for their father's care home into Lendy has the care home just as patient for when the money's credited to them as RSM expect all of us to be!
I simply see no reason for delays on the scale that we've seen for a simple distribution of funds that are undisputedly owed to us. For the ongoing administration process, certainly there'll be delays of up to several years while everything's resolved, but this was supposed to be the simple stuff that could be dealt with during the initial days/weeks.
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bulletbill
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Post by bulletbill on Sept 20, 2019 20:23:29 GMT
Great news on the refinance. Does anyone know whether the refinance covered full capital repayment, interest, bonus interest and penalty interest. That must be a substantial sum by now. I will be encouraged and amazed should that be the case.
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sussexlender
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Post by sussexlender on Sept 23, 2019 12:38:48 GMT
Pleased to advise that this loan has refinanced. A glass of champagne tonight sussexlender ? Hi Monetus.
Many thanks for this post as well as for all the effort that you are making on behalf of those stuck in all the Lendy loans.
Do you have any idea when this loan will be repaid to investors or will the refinance simply sit in the Admin account for years to come ?
I might have glass of something to wave good riddance to these borrowers and this loan - and to Lendy - in due course.
All the very best to you, SXLR
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Garage246
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Post by Garage246 on Sept 23, 2019 16:24:38 GMT
Thanks Monetus for the update - you guys are doing a sterling job. Anything you can say on the refinance amount if that is now public domain and doesn't compromise your duties on the creditors committee? Interested in the rough return to investors on this on.
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Post by stevie on Sept 25, 2019 12:14:15 GMT
New update on the lendy site. Say the funds of the refinancing have been received. Also mentions there are further deferred recoveries.
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Post by picanto on Sept 25, 2019 12:15:52 GMT
New update on the lendy site. Say the funds of the refinancing have been received. Also mentions there are further deferred recoveries. Within 48 months (4 years). It's going to be a long wait...
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